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India has gone into major tax reform GST – (Goods and Service Tax) from 1st of July 2017, which can probably be marked as an important milestone towards our journey of becoming a developed nation. This reform is backed up with strong and robust GSTN infrastructure to make is transparent, quick and accessible for all the tax payers. GST and its provision thus make it mandate for every business big or small to file their invoices, credit notes, debit notes, advances, TDS etc. online on a day to day basis. And this needs to happen across all the business partners to avail input GST credit and make stand your products and offerings more competitive in the market.
This has naturally increased the tasks for daily updating of information on to the GSTN servers. We have tied up with ASP / GSP to help you to streamline your uploads to GSTN server. We additional complement value to this activity by giving you a last mile seamless connectivity to your backend systems and ERP’s ensuring no human intervention would be required, yet your uploads are taken care of automatically.
MyReport provides with a unique feature to pull data from any back ends, ERP’s, transactional systems. Such data can be easily transformed in GSTN compliant formats. These formats can be easily pulled by our partnered ASP/GSP Service Provider to further process your returns and reconciliation.
How Does It Work?
MyReport Data will help to connect to any back end or ERP’s like SAP (Through CDATA), Oracle Apps, Navision, Axapta, QuickBooks, Epicor, Orion, Tally etc. or any another custom ERP. The table and fields can be appropriately modelled to populate the data warehouse with GST required field and non-GST compliant fields as well for additional reporting.
MyReport Datarun will help to extract the desired information on a set frequency and store it into the Data warehouse. The frequencies of such ETL can be easily scheduled based on your requirement and load to upload the documents to GSTN Portal.
MyReport Messenger can automatically convert the data into required upload ready formats in xls or csv and dispatch it to FTP folder from where the ASP/GSP Service Provider will pick up the file and upload to ASP application which can be on premise or on cloud.
All businesses except for excluded products and services need to be compliant with GST and its filing process. Depending on the kind of business one is into the forms and processes may vary. Nevertheless, following process would be generically required to be followed by all the businesses:
- Apply GST for products and service as per HSN and SAC interpretation.
- Filing of GTR1 to GSTR9 on different frequencies.
- Credits can be availed only against matched documents on GSTN portal and reconciled as per stipulated date period.
- Filing mandate to avail credit on input GST.
- All businesses small (above 75 Lac TO) or big are required to do the filing.
- Mandate on all to pay the GST payable latest by 20th of following month.
MyReport with its unique capability becomes an effective solution for bridging the last mile connection and automatically extract the data out of your back ends, ERP’s (Many to One) and convert it into the required format for GSTN upload via ASP / GSP Service provider pick up utility.
MyReport Data: Can connect to any back end or ERP’s like SAP (Through CDATA), Oracle Apps, Navision, Axapta, QuickBooks, Epicor, Orion, Tally etc. or any another custom ERP.
MyReport Datarun: Can extract the desired information on a set frequency and store it into the Data warehouse.
MyReport Messenger: Can automatically convert the data into required upload ready formats in xls or csv and dispatch it to FTP or to a mail recipient.
Advantages of MyReport as a Connector for GST filing
- No Coding required in your ERP and Transactional Systems.
- System Independent connection: Can connect to multiple systems, back ends, Flats files at the same time.
- Retain upload ready data history in database for future use and audit.
- No load on ERP systems or transactional systems to collate the data in GSTN format. Data fetching can happen during off peak hours while file conversion can take place at the day end.
- Quick and Easy to change the data fields in future if requested by GSTN.
- Quick and Easy custom, fixed filed definition. Improve performance of the file creation and reporting through Indexing and Primary Key functionality.
- Create XLS, CSV, PDF format and get them automatically mail or transferred to a FTP – File Folder at any number of intervals.
- Use Upload Data DATABASE and ASP DATABASE for further reconciliation, reporting and Analysis.
- Use MyReport DATA for building additional models from other modules for report building and MIS.